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Financials

ANNUAL REPORT 2025

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37 tables

Group income and comprehensive income — FY2025 source

29 metrics

Units appear below each metric. Scroll to compare years

Group income and comprehensive income — FY2025 source from ANNUAL REPORT 2025
Metric / unit 2025Group2024Group Source
Group income and comprehensive income — FY2025 source
RevenueSingapore dollars thousands 182,368172,597 PDF p. 60
Cost of salesSingapore dollars thousands (169,061)(178,025) PDF p. 60
Gross profit/(loss)Singapore dollars thousands 13,307(5,428) PDF p. 60
Other item of income Other incomeSingapore dollars thousands 13,1358,739 PDF p. 60 Label p. 60
Other items of expense Administrative expensesSingapore dollars thousands (9,799)(18,310) PDF p. 60 Label p. 60
Reversal/(Provision) of loss allowance – Trade and other receivablesSingapore dollars thousands –438 PDF p. 60 Label p. 60
– Contract assetsSingapore dollars thousands 647283 PDF p. 60
– Long-term interestsSingapore dollars thousands 3,600(4,000) PDF p. 60
– Financial guarantee contractsSingapore dollars thousands 666(187) PDF p. 60
Reversal of impairment loss on investment of an associateSingapore dollars thousands –27,285 PDF p. 60
Finance costsSingapore dollars thousands (1,590)(2,138) PDF p. 60
Share of results of joint ventures, net of taxSingapore dollars thousands 8544 PDF p. 60
Share of results of associates, net of taxSingapore dollars thousands (9,897)(10,642) PDF p. 60
Profit/(Loss) before income taxSingapore dollars thousands 10,154(3,916) PDF p. 60
Income tax expenseSingapore dollars thousands –– PDF p. 60
PROFIT/(LOSS) FOR THE FINANCIAL YEARSingapore dollars thousands 10,154(3,916) PDF p. 60
Items that will be reclassified subsequently to profit or loss
Exchange difference on translating foreign operationsSingapore dollars thousands (307)3,248 PDF p. 60
Other comprehensive (loss)/income for the financial year that will be reclassified to profit or loss, net of taxSingapore dollars thousands (307)3,248 PDF p. 60 Label p. 60
Items that will not be reclassified subsequently to profit or loss
Fair value loss on financial assets at FVTOCISingapore dollars thousands (120)(90) PDF p. 60
Total other comprehensive (loss)/income for the financial year, net of taxSingapore dollars thousands (427)3,158 PDF p. 60
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE FINANCIAL YEARSingapore dollars thousands 9,727(758) PDF p. 60
Profit/(Loss) for the financial year attributable to: Owners of the CompanySingapore dollars thousands 10,154(3,916) PDF p. 60 Label p. 60
Non-controlling interestsSingapore dollars thousands –– PDF p. 60
Profit/(Loss) for the financial yearSingapore dollars thousands 10,154(3,916) PDF p. 60
Total comprehensive income/(loss) for the financial year attributable to:
Owners of the CompanySingapore dollars thousands 9,727(758) PDF p. 60
Non-controlling interestsSingapore dollars thousands –– PDF p. 60
Total comprehensive income/(loss) for the financial yearSingapore dollars thousands 9,727(758) PDF p. 60
(cents per share)
BasicSingapore cents per share 4.32(1.67) PDF p. 60
DilutedSingapore cents per share 4.32(1.67) PDF p. 60
Definitions & sources

Original report: PDF p. 60 ↗

Group and Company balance sheet — FY2025 source / assets and equity

28 metrics

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Group and Company balance sheet — FY2025 source / assets and equity from ANNUAL REPORT 2025
Metric / unit 2025Group2024Group2025Company2024Company Source
Non-current assets
Property, plant and equipmentSingapore dollars thousands 9,51411,218–– PDF p. 61
Right-of-use assetsSingapore dollars thousands 3,7184,391–– PDF p. 61
Investments in subsidiariesSingapore dollars thousands ––21,13921,139 PDF p. 61
Investments in associatesSingapore dollars thousands 20,89926,4807,1237,123 PDF p. 61
Investments in joint venturesSingapore dollars thousands 4,5074,453–– PDF p. 61
Intangible assetsSingapore dollars thousands –43–– PDF p. 61
Financial assets at FVTOCISingapore dollars thousands 2,2652,3852,2652,385 PDF p. 61
Trade and other receivablesSingapore dollars thousands 6,500––– PDF p. 61
Deferred tax assetsSingapore dollars thousands 2828–– PDF p. 61
Total non-current assetsSingapore dollars thousands 47,43148,99830,52730,647 PDF p. 61
Current assets
Trade and other receivablesSingapore dollars thousands 64,15860,43430,91629,998 PDF p. 61
Contract assetsSingapore dollars thousands 33,16728,754–– PDF p. 61
PrepaymentsSingapore dollars thousands 1411731118 PDF p. 61
Fixed depositsSingapore dollars thousands 10,3832,964–1,505 PDF p. 61
Cash and bank balancesSingapore dollars thousands 22,46818,811447214 PDF p. 61
SubtotalSingapore dollars thousands 130,317111,13631,37431,735 PDF p. 61
Non-current assets classified as held for saleSingapore dollars thousands –34,117–– PDF p. 61 Label p. 61
Total current assetsSingapore dollars thousands 130,317145,25331,37431,735 PDF p. 61
Total assetsSingapore dollars thousands 177,748194,25161,90162,382 PDF p. 61
Equity
Share capitalSingapore dollars thousands 25,04825,04825,04825,048 PDF p. 61
Treasury sharesSingapore dollars thousands (3,303)(3,303)(3,303)(3,303) PDF p. 61
Share option reserveSingapore dollars thousands 2,0412,0412,0412,041 PDF p. 61
Foreign currency translation reserveSingapore dollars thousands 3,1443,451–– PDF p. 61
Merger reserveSingapore dollars thousands (4,794)(4,794)–– PDF p. 61
Fair value reserveSingapore dollars thousands (4,560)28,102(4,560)(4,440) PDF p. 61
Other reservesSingapore dollars thousands 1,1251,125–– PDF p. 61
Retained earningsSingapore dollars thousands 41,527(1,169)28,90228,654 PDF p. 61
Total equitySingapore dollars thousands 60,22850,50148,12848,000 PDF p. 61
Definitions & sources

Original report: PDF p. 61 ↗

Group and Company balance sheet — FY2025 source / liabilities

15 metrics

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Group and Company balance sheet — FY2025 source / liabilities from ANNUAL REPORT 2025
Metric / unit 2025Group2024Group2025Company2024Company Source
Non-current liabilities
Trade and other payablesSingapore dollars thousands 17,60017,63612,75012,750 PDF p. 62
Bank borrowingsSingapore dollars thousands 3,4704,353–– PDF p. 62
Lease liabilitiesSingapore dollars thousands 3,6594,120–– PDF p. 62
ProvisionsSingapore dollars thousands 253512–– PDF p. 62
Deferred tax liabilitiesSingapore dollars thousands 11–– PDF p. 62
Total non-current liabilitiesSingapore dollars thousands 24,98326,62212,75012,750 PDF p. 62
Current liabilities
Contract liabilitiesSingapore dollars thousands 16,19516,244–– PDF p. 62
Trade and other payablesSingapore dollars thousands 61,44679,4621,0231,632 PDF p. 62
Bank borrowingsSingapore dollars thousands 9,7299,855–– PDF p. 62
Lease liabilitiesSingapore dollars thousands 447635–– PDF p. 62
ProvisionsSingapore dollars thousands 2,8789,106–– PDF p. 62
Current income tax payableSingapore dollars thousands 1,8421,826–– PDF p. 62
Total current liabilitiesSingapore dollars thousands 92,537117,1281,0231,632 PDF p. 62
Total liabilitiesSingapore dollars thousands 117,520143,75013,77314,382 PDF p. 62
Total equity and liabilitiesSingapore dollars thousands 177,748194,25161,90162,382 PDF p. 62
Definitions & sources

Original report: PDF p. 62 ↗

Group changes in equity — FY2025 source / ending 2025

8 metrics

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Group changes in equity — FY2025 source / ending 2025 from ANNUAL REPORT 2025
Metric / unit 2025GroupShare capital2025GroupTreasury shares2025GroupShare option reserve2025GroupForeign currency translation reserve2025GroupMerger reserve2025GroupFair value reserve2025GroupOther reserves2025GroupRetained earnings2025GroupNon-controlling interests2025GroupTotal equity Source
Group
Balance at 1 October 2024Singapore dollars thousands 25,048(3,303)2,0413,451(4,794)28,1021,125(1,169)–50,501 PDF p. 63
Profit for the financial yearSingapore dollars thousands –––––––10,154–10,154 PDF p. 63
income/(loss)
Exchange differences on translating foreign operationsSingapore dollars thousands –––(307)–––––(307) PDF p. 63 Label p. 63
Group
Fair value loss on financial assets at FVTOCISingapore dollars thousands –––––(120)–––(120) PDF p. 63 Label p. 63
Disposal of investment in an associateSingapore dollars thousands –––––(32,542)–32,542–– PDF p. 63 Label p. 63
SubtotalSingapore dollars thousands –––(307)–(32,662)–32,542–(427) PDF p. 63
Total comprehensive income for the financial
Total comprehensive income for the financial yearSingapore dollars thousands –––(307)–(32,662)–42,696–9,727 PDF p. 63 Label p. 63
Balance at 30 September 2025Singapore dollars thousands 25,048(3,303)2,0413,144(4,794)(4,560)1,12541,527–60,228 PDF p. 63 Label p. 63
Definitions & sources

Original report: PDF p. 63 ↗

Group changes in equity — FY2025 source / ending 2024

7 metrics

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Group changes in equity — FY2025 source / ending 2024 from ANNUAL REPORT 2025
Metric / unit 2024GroupShare capital2024GroupTreasury shares2024GroupShare option reserve2024GroupForeign currency translation reserve2024GroupMerger reserve2024GroupFair value reserve2024GroupOther reserves2024GroupRetained earnings2024GroupNon-controlling interests2024GroupTotal equity Source
Group
Balance at 1 October 2023Singapore dollars thousands 25,048(3,303)2,041203(4,794)28,1921,1252,747–51,259 PDF p. 64
Loss for the financial yearSingapore dollars thousands –––––––(3,916)–(3,916) PDF p. 64
income/(loss)
Exchange differences on translating foreign operationsSingapore dollars thousands –––3,248–––––3,248 PDF p. 64 Label p. 64
Group
Fair value loss on financial assets at FVTOCISingapore dollars thousands –––––(90)–––(90) PDF p. 64 Label p. 64
SubtotalSingapore dollars thousands –––3,248–(90)–––3,158 PDF p. 64
Total comprehensive loss
Total comprehensive loss for the financial yearSingapore dollars thousands –––3,248–(90)–(3,916)–(758) PDF p. 64 Label p. 64
Balance at 30 September 2024Singapore dollars thousands 25,048(3,303)2,0413,451(4,794)28,1021,125(1,169)–50,501 PDF p. 64 Label p. 64
Definitions & sources

Original report: PDF p. 64 ↗

Company changes in equity — FY2025 source / ending 2025

5 metrics

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Company changes in equity — FY2025 source / ending 2025 from ANNUAL REPORT 2025
Metric / unit 2025CompanyShare capital2025CompanyTreasury shares2025CompanyShare option reserve2025CompanyFair value reserve2025CompanyRetained earnings2025CompanyTotal equity Source
Company
Balance at 1 October 2024Singapore dollars thousands 25,048(3,303)2,041(4,440)28,65448,000 PDF p. 65
Profit for the financial yearSingapore dollars thousands ––––248248 PDF p. 65
income
Fair value loss on financial assets at FVTOCISingapore dollars thousands –––(120)–(120) PDF p. 65 Label p. 65
Total comprehensive income for the financial
Total comprehensive income for the financial yearSingapore dollars thousands –––(120)248128 PDF p. 65 Label p. 65
Balance at 30 September 2025Singapore dollars thousands 25,048(3,303)2,041(4,560)28,90248,128 PDF p. 65 Label p. 65
Definitions & sources

Original report: PDF p. 65 ↗

Company changes in equity — FY2025 source / ending 2024

5 metrics

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Company changes in equity — FY2025 source / ending 2024 from ANNUAL REPORT 2025
Metric / unit 2024CompanyShare capital2024CompanyTreasury shares2024CompanyShare option reserve2024CompanyFair value reserve2024CompanyRetained earnings2024CompanyTotal equity Source
Company
Balance at 1 October 2023Singapore dollars thousands 25,048(3,303)2,041(4,350)10,61830,054 PDF p. 65
Profit for the financial yearSingapore dollars thousands ––––18,03618,036 PDF p. 65
income
Fair value gain on financial assets at FVTOCISingapore dollars thousands –––(90)–(90) PDF p. 65 Label p. 65
Total comprehensive income for the financial
Total comprehensive income for the financial yearSingapore dollars thousands –––(90)18,03617,946 PDF p. 65 Label p. 65
Balance at 30 September 2024Singapore dollars thousands 25,048(3,303)2,041(4,440)28,65448,000 PDF p. 65 Label p. 65
Definitions & sources

Original report: PDF p. 65 ↗

Group cash flows — FY2025 source / page 66

48 metrics

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Group cash flows — FY2025 source / page 66 from ANNUAL REPORT 2025
Metric / unit 2025Group2024Group Source
Operating activities
Profit/(Loss) before income taxSingapore dollars thousands 10,154(3,916) PDF p. 66
Adjustments for:
(Reversal)/Provision of loss allowance – Trade and other receivablesSingapore dollars thousands –(438) PDF p. 66 Label p. 66
– Contract assetsSingapore dollars thousands (647)(283) PDF p. 66
– Long-term interestsSingapore dollars thousands (3,600)4,000 PDF p. 66
– Financial guarantee contractsSingapore dollars thousands (666)187 PDF p. 66
Reversal of impairment loss on investment of an associateSingapore dollars thousands –(27,285) PDF p. 66
Amortisation of intangible assetsSingapore dollars thousands 4399 PDF p. 66
Depreciation of property, plant and equipmentSingapore dollars thousands 1,9732,382 PDF p. 66
Depreciation of right-of-use assetsSingapore dollars thousands 7062,415 PDF p. 66
Gain on disposal of plant and equipmentSingapore dollars thousands (421)– PDF p. 66
Gain on disposal of non-current asset held for saleSingapore dollars thousands (383)– PDF p. 66
Interest incomeSingapore dollars thousands (6,214)(6,344) PDF p. 66
Interest expenseSingapore dollars thousands 1,5902,138 PDF p. 66
Decrease in: – Provision for onerous contractSingapore dollars thousands (4,328)(3,861) PDF p. 66 Label p. 66
– Provision for reinstatement costSingapore dollars thousands (1,900)– PDF p. 66
– Provision for restoration costSingapore dollars thousands (259)– PDF p. 66
(Gain)/Loss on unrealised foreign exchange, netSingapore dollars thousands (564)6,047 PDF p. 66
Share of results of joint venturesSingapore dollars thousands (85)(44) PDF p. 66
Share of results of associatesSingapore dollars thousands 9,89710,642 PDF p. 66
Operating cash flows before movements in working capitalSingapore dollars thousands 5,296(14,261) PDF p. 66
Changes in working capital:
Trade and other receivablesSingapore dollars thousands 15,387(3,474) PDF p. 66
PrepaymentsSingapore dollars thousands 3217 PDF p. 66
Contract assetsSingapore dollars thousands (3,766)(6,124) PDF p. 66
Contract liabilitiesSingapore dollars thousands (49)13,089 PDF p. 66
Trade and other payablesSingapore dollars thousands (17,395)18,259 PDF p. 66
Cash (used in)/generated from operationsSingapore dollars thousands (495)7,506 PDF p. 66
Income taxes refundSingapore dollars thousands –1,293 PDF p. 66
Net cash (used in)/generated from operating activitiesSingapore dollars thousands (495)8,799 PDF p. 66
Investing activities
Advance to a joint ventureSingapore dollars thousands (415)(50) PDF p. 66
Advance to an associateSingapore dollars thousands –(2,868) PDF p. 66
Purchase of property, plant and equipmentSingapore dollars thousands (276)(420) PDF p. 66
Proceeds from disposal of property, plant and equipmentSingapore dollars thousands 428– PDF p. 66
Proceeds from disposal of non-current asset held for saleSingapore dollars thousands 15,000– PDF p. 66
Repayment of loan from associateSingapore dollars thousands –719 PDF p. 66
Repayment of loan from joint venturesSingapore dollars thousands –14,669 PDF p. 66
Interest receivedSingapore dollars thousands 184419 PDF p. 66
Dividend from joint ventureSingapore dollars thousands –1,732 PDF p. 66
Net cash generated from investing activitiesSingapore dollars thousands 14,92114,201 PDF p. 66
Financing activities
Fixed deposit pledged with financial institutionsSingapore dollars thousands (5,100)(1,000) PDF p. 66
Proceeds from bank borrowingsSingapore dollars thousands 3,8816,000 PDF p. 66
Repayment of lease liabilitiesSingapore dollars thousands (682)(2,363) PDF p. 66
Repayment of bank borrowingsSingapore dollars thousands (4,890)(17,852) PDF p. 66
Interest paidSingapore dollars thousands (1,589)(1,819) PDF p. 66
Net cash used in financing activitiesSingapore dollars thousands (8,380)(17,034) PDF p. 66
Net increase in cash and cash equivalentsSingapore dollars thousands 6,0465,966 PDF p. 66
Cash and cash equivalents at beginning of financial yearSingapore dollars thousands 20,77514,643 PDF p. 66
Effect of exchange rate changes on cash and cash equivalentsSingapore dollars thousands (70)166 PDF p. 66
Cash and cash equivalents at end of financial yearSingapore dollars thousands 26,75120,775 PDF p. 66
Definitions & sources

Original report: PDF p. 66 ↗

Cash composition and pledged deposits — FY2025 source

5 metrics

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Cash composition and pledged deposits — FY2025 source from ANNUAL REPORT 2025
Metric / unit 2025Group2024Group2025Company2024Company Source
Cash composition and pledged deposits — FY2025 source
Fixed depositsSingapore dollars thousands 10,3832,964–1,505 PDF p. 108
Cash at bank balancesSingapore dollars thousands 22,46818,811447214 PDF p. 108
SubtotalSingapore dollars thousands 32,85121,7754471,719 PDF p. 108
Fixed deposits pledgedSingapore dollars thousands (6,100)(1,000)–– PDF p. 108
Cash and cash equivalents per consolidated statement of cash flowsSingapore dollars thousands 26,75120,7754471,719 PDF p. 108 Label p. 108
Definitions & sources

Original report: PDF p. 108 ↗

SourceNote19 includes deposits averaging more than3months because conversion does not entail significant loss or penalty; issuer-defined cash equivalents retained.

Five-year highlights — REVENUE

1 metrics

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Five-year highlights — REVENUE from ANNUAL REPORT 2025
Metric / unit 2025Group — latest report five-year chart; printed rounded figures2024Group — latest report five-year chart; printed rounded figures2023Group — latest report five-year chart; printed rounded figures2022Group — latest report five-year chart; printed rounded figures2021Group — latest report five-year chart; printed rounded figures Source
Five-year financial highlights; printed chart values
REVENUESingapore dollars thousands 182,368172,597199,789148,06776,952 PDF p. 12
Definitions & sources

Original report: PDF p. 12 ↗

Five-year chart figures are separately rounded and may have a different historical basis. FY2023 chartEPS(22.1)cents differs from restated primaryEPS(21.23)cents and originalFY2023(21.06)cents; no reconciliation is supplied and none is fabricated.

Five-year highlights — GROSS PROFIT/LOSS

1 metrics

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Five-year highlights — GROSS PROFIT/LOSS from ANNUAL REPORT 2025
Metric / unit 2025Group — latest report five-year chart; printed rounded figures2024Group — latest report five-year chart; printed rounded figures2023Group — latest report five-year chart; printed rounded figures2022Group — latest report five-year chart; printed rounded figures2021Group — latest report five-year chart; printed rounded figures Source
Five-year financial highlights; printed chart values
GROSS PROFIT/LOSSSingapore dollars thousands 13,307(5,428)(26,366)(30,792)7,488 PDF p. 12
Definitions & sources

Original report: PDF p. 12 ↗

Five-year chart figures are separately rounded and may have a different historical basis. FY2023 chartEPS(22.1)cents differs from restated primaryEPS(21.23)cents and originalFY2023(21.06)cents; no reconciliation is supplied and none is fabricated.

Five-year highlights — NET PROFIT/LOSS AFTER TAX

1 metrics

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Five-year highlights — NET PROFIT/LOSS AFTER TAX from ANNUAL REPORT 2025
Metric / unit 2025Group — latest report five-year chart; printed rounded figures2024Group — latest report five-year chart; printed rounded figures2023Group — latest report five-year chart; printed rounded figures2022Group — latest report five-year chart; printed rounded figures2021Group — latest report five-year chart; printed rounded figures Source
Five-year financial highlights; printed chart values
NET PROFIT/LOSS AFTER TAXSingapore dollars thousands 10,154(3,916)(51,216)(46,591)(20,180) PDF p. 12
Definitions & sources

Original report: PDF p. 12 ↗

Five-year chart figures are separately rounded and may have a different historical basis. FY2023 chartEPS(22.1)cents differs from restated primaryEPS(21.23)cents and originalFY2023(21.06)cents; no reconciliation is supplied and none is fabricated.

Five-year highlights — RETURN ON ASSETS

1 metrics

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Five-year highlights — RETURN ON ASSETS from ANNUAL REPORT 2025
Metric / unit 2025Group — latest report five-year chart; printed rounded figures2024Group — latest report five-year chart; printed rounded figures2023Group — latest report five-year chart; printed rounded figures2022Group — latest report five-year chart; printed rounded figures2021Group — latest report five-year chart; printed rounded figures Source
Five-year financial highlights; printed chart values
RETURN ON ASSETSpercent 5.5(2.1)(22.1)(16.1)(5.8) PDF p. 13
Definitions & sources

Original report: PDF p. 13 ↗

Five-year chart figures are separately rounded and may have a different historical basis. FY2023 chartEPS(22.1)cents differs from restated primaryEPS(21.23)cents and originalFY2023(21.06)cents; no reconciliation is supplied and none is fabricated.

Five-year highlights — RETURN ON EQUITY

1 metrics

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Five-year highlights — RETURN ON EQUITY from ANNUAL REPORT 2025
Metric / unit 2025Group — latest report five-year chart; printed rounded figures2024Group — latest report five-year chart; printed rounded figures2023Group — latest report five-year chart; printed rounded figures2022Group — latest report five-year chart; printed rounded figures2021Group — latest report five-year chart; printed rounded figures Source
Five-year financial highlights; printed chart values
RETURN ON EQUITYpercent 18.3(5.6)(57.1)(38.7)(11.6) PDF p. 13
Definitions & sources

Original report: PDF p. 13 ↗

Five-year chart figures are separately rounded and may have a different historical basis. FY2023 chartEPS(22.1)cents differs from restated primaryEPS(21.23)cents and originalFY2023(21.06)cents; no reconciliation is supplied and none is fabricated.

Five-year highlights — NET ASSET VALUE

1 metrics

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Five-year highlights — NET ASSET VALUE from ANNUAL REPORT 2025
Metric / unit 2025Group — latest report five-year chart; printed rounded figures2024Group — latest report five-year chart; printed rounded figures2023Group — latest report five-year chart; printed rounded figures2022Group — latest report five-year chart; printed rounded figures2021Group — latest report five-year chart; printed rounded figures Source
Five-year financial highlights; printed chart values
NET ASSET VALUESingapore cents per share 25.621.521.847.267.5 PDF p. 13
Definitions & sources

Original report: PDF p. 13 ↗

Five-year chart figures are separately rounded and may have a different historical basis. FY2023 chartEPS(22.1)cents differs from restated primaryEPS(21.23)cents and originalFY2023(21.06)cents; no reconciliation is supplied and none is fabricated.

Five-year highlights — BASIC EPS

1 metrics

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Five-year highlights — BASIC EPS from ANNUAL REPORT 2025
Metric / unit 2025Group — latest report five-year chart; printed rounded figures2024Group — latest report five-year chart; printed rounded figures2023Group — latest report five-year chart; printed rounded figures2022Group — latest report five-year chart; printed rounded figures2021Group — latest report five-year chart; printed rounded figures Source
Five-year financial highlights; printed chart values
BASIC EPSSingapore cents per share 4.3(1.7)(22.1)(19.5)(7.5) PDF p. 13
Definitions & sources

Original report: PDF p. 13 ↗

Five-year chart figures are separately rounded and may have a different historical basis. FY2023 chartEPS(22.1)cents differs from restated primaryEPS(21.23)cents and originalFY2023(21.06)cents; no reconciliation is supplied and none is fabricated.

Group income and comprehensive income — FY2024 source

31 metrics

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Group income and comprehensive income — FY2024 source from ANNUAL REPORT 2025
Metric / unit 2024Group2023Group — restated comparative Source
Group income and comprehensive income — FY2024 source
RevenueSingapore dollars thousands 172,597199,789 PDF p. 60
Cost of salesSingapore dollars thousands (178,025)(226,155) PDF p. 60
Gross lossSingapore dollars thousands (5,428)(26,366) PDF p. 60
Other item of income Other incomeSingapore dollars thousands 8,73916,892 PDF p. 60 Label p. 60
Other items of expense Administrative expensesSingapore dollars thousands (18,310)(18,998) PDF p. 60 Label p. 60
Reversal/(Provision) of loss allowance – Trade and other receivablesSingapore dollars thousands 438(662) PDF p. 60 Label p. 60
– Contract assetsSingapore dollars thousands 283714 PDF p. 60
– Long-term interestsSingapore dollars thousands (4,000)– PDF p. 60
– Financial guarantee contractsSingapore dollars thousands (187)205 PDF p. 60
Impairment reversed/(loss) on investment of an associateSingapore dollars thousands 27,285(8,532) PDF p. 60
Finance costsSingapore dollars thousands (2,138)(4,093) PDF p. 60
Other expensesSingapore dollars thousands –(1,746) PDF p. 60
Share of results of joint ventures, net of taxSingapore dollars thousands 44300 PDF p. 60
Share of results of associates, net of taxSingapore dollars thousands (10,642)(8,362) PDF p. 60
Loss before income taxSingapore dollars thousands (3,916)(50,648) PDF p. 60
Income tax expenseSingapore dollars thousands –(568) PDF p. 60
LOSS FOR THE FINANCIAL YEARSingapore dollars thousands (3,916)(51,216) PDF p. 60
Items that will be reclassified subsequently to profit or loss
Exchange difference on translating foreign operationsSingapore dollars thousands 3,2481,582 PDF p. 60
Other comprehensive income for the financial year that will be reclassified to profit or loss, net of taxSingapore dollars thousands 3,2481,582 PDF p. 60 Label p. 60
Items that will not be reclassified subsequently to profit or loss
Share of other comprehensive loss of an associateSingapore dollars thousands –(709) PDF p. 60
Fair value (loss)/gain on financial assets at FVTOCISingapore dollars thousands (90)60 PDF p. 60
Total other comprehensive income for the financial year, net of taxSingapore dollars thousands 3,158933 PDF p. 60
TOTAL COMPREHENSIVE LOSS FOR THE FINANCIAL YEARSingapore dollars thousands (758)(50,283) PDF p. 60
Loss for the financial year attributable to: Owners of the CompanySingapore dollars thousands (3,916)(49,900) PDF p. 60 Label p. 60
Non-controlling interestsSingapore dollars thousands –(1,316) PDF p. 60
Loss for the financial yearSingapore dollars thousands (3,916)(51,216) PDF p. 60
Total comprehensive loss for the financial year attributable to:
Owners of the CompanySingapore dollars thousands (758)(48,967) PDF p. 60
Non-controlling interestsSingapore dollars thousands –(1,316) PDF p. 60
Total comprehensive loss for the financial yearSingapore dollars thousands (758)(50,283) PDF p. 60
Loss per share attributable to owners of the Company (cents per share)
BasicSingapore cents per share (1.67)(21.23) PDF p. 60
DilutedSingapore cents per share (1.67)(21.23) PDF p. 60
Definitions & sources

Original report: PDF p. 60 ↗

Group and Company balance sheet — FY2024 source / assets and equity

32 metrics

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Group and Company balance sheet — FY2024 source / assets and equity from ANNUAL REPORT 2025
Metric / unit 2024Group2023Group — restated comparative2022Group — 1 October2022 restated opening balance2024Company2023Company Source
Non-current assets
Property, plant and equipmentSingapore dollars thousands 11,21813,18015,140–– PDF p. 61
Right-of-use assetsSingapore dollars thousands 4,3916,6366,805–– PDF p. 61
Investment propertiesSingapore dollars thousands ––16,910–– PDF p. 61
Investments in subsidiariesSingapore dollars thousands –––21,13921,139 PDF p. 61
Investments in associatesSingapore dollars thousands 26,48046,10565,3507,1237,123 PDF p. 61
Investments in joint venturesSingapore dollars thousands 4,4536,1816,717–– PDF p. 61
Intangible assetsSingapore dollars thousands 43142165–– PDF p. 61
Financial assets at FVTOCISingapore dollars thousands 2,3852,4752,4152,3852,475 PDF p. 61
Deferred tax assetsSingapore dollars thousands 282870–– PDF p. 61
Total non-current assetsSingapore dollars thousands 48,99874,747113,57230,64730,737 PDF p. 61
Current assets
InventoriesSingapore dollars thousands ––671–– PDF p. 61
Trade and other receivablesSingapore dollars thousands 60,43467,71495,55829,99812,414 PDF p. 61
Contract assetsSingapore dollars thousands 28,75422,34738,514–– PDF p. 61
Tax recoverableSingapore dollars thousands –1,323––– PDF p. 61
PrepaymentsSingapore dollars thousands 1731901,2621817 PDF p. 61
Fixed depositsSingapore dollars thousands 2,9642,8834,8201,505– PDF p. 61
Cash and bank balancesSingapore dollars thousands 18,81111,76020,097214733 PDF p. 61
SubtotalSingapore dollars thousands 111,136106,217160,92231,73513,164 PDF p. 61
Non-current assets classified as held for saleSingapore dollars thousands 34,117–––– PDF p. 61
Total current assetsSingapore dollars thousands 145,253106,217160,92231,73513,164 PDF p. 61
Total assetsSingapore dollars thousands 194,251180,964274,49462,38243,901 PDF p. 61
Equity
Share capitalSingapore dollars thousands 25,04825,04825,04825,04825,048 PDF p. 61
Treasury sharesSingapore dollars thousands (3,303)(3,303)(3,303)(3,303)(3,303) PDF p. 61
Share option reserveSingapore dollars thousands 2,0412,0412,0412,0412,041 PDF p. 61
Foreign currency translation reserveSingapore dollars thousands 3,451203(1,379)–– PDF p. 61
Merger reserveSingapore dollars thousands (4,794)(4,794)(4,794)–– PDF p. 61
Fair value reserveSingapore dollars thousands 28,10228,19228,841(4,440)(4,350) PDF p. 61
Other reservesSingapore dollars thousands 1,1251,1251,125–– PDF p. 61
Retained earningsSingapore dollars thousands (1,169)2,74752,64728,65410,618 PDF p. 61
Equity attributable to owners of the CompanySingapore dollars thousands 50,50151,259100,22648,00030,054 PDF p. 61 Label p. 61
Non-controlling interestsSingapore dollars thousands ––(1,755)–– PDF p. 61
Total equitySingapore dollars thousands 50,50151,25998,47148,00030,054 PDF p. 61
Definitions & sources

Original report: PDF p. 61 ↗

Group and Company balance sheet — FY2024 source / liabilities

16 metrics

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Group and Company balance sheet — FY2024 source / liabilities from ANNUAL REPORT 2025
Metric / unit 2024Group2023Group — restated comparative2022Group — 1 October2022 restated opening balance2024Company2023Company Source
Non-current liabilities
Trade and other payablesSingapore dollars thousands 17,63616,40114,64412,75012,750 PDF p. 62
Bank borrowingsSingapore dollars thousands 4,3536,2017,627–– PDF p. 62
Lease liabilitiesSingapore dollars thousands 4,1204,6494,960–– PDF p. 62
ProvisionsSingapore dollars thousands 512512512–– PDF p. 62
Deferred tax liabilitiesSingapore dollars thousands 111–– PDF p. 62
Total non-current liabilitiesSingapore dollars thousands 26,62227,76427,74412,75012,750 PDF p. 62
Current liabilities
Contract liabilitiesSingapore dollars thousands 16,2443,155997–– PDF p. 62
Trade and other payablesSingapore dollars thousands 79,46261,72070,7491,6321,097 PDF p. 62
Bank borrowingsSingapore dollars thousands 9,85519,85921,054–– PDF p. 62
Lease liabilitiesSingapore dollars thousands 6352,2941,993–– PDF p. 62
Medium term notesSingapore dollars thousands ––35,228–– PDF p. 62
ProvisionsSingapore dollars thousands 9,10612,96715,942–– PDF p. 62
Current income tax payableSingapore dollars thousands 1,8261,9462,316–– PDF p. 62
Total current liabilitiesSingapore dollars thousands 117,128101,941148,2791,6321,097 PDF p. 62
Total liabilitiesSingapore dollars thousands 143,750129,705176,02314,38213,847 PDF p. 62
Total equity and liabilitiesSingapore dollars thousands 194,251180,964274,49462,38243,901 PDF p. 62
Definitions & sources

Original report: PDF p. 62 ↗

Group changes in equity — FY2024 source / ending 2024

7 metrics

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Group changes in equity — FY2024 source / ending 2024 from ANNUAL REPORT 2025
Metric / unit 2024GroupShare capital2024GroupTreasury shares2024GroupShare option reserve2024GroupForeign currency translation reserve2024GroupMerger reserve2024GroupFair value reserve2024GroupOther reserves2024GroupRetained earnings2024GroupNon-controlling interests2024GroupTotal equity Source
Group
Balance at 1 October 2023, as restatedSingapore dollars thousands 25,048(3,303)2,041203(4,794)28,1921,1252,747–51,259 PDF p. 63 Label p. 63
Loss for the financial yearSingapore dollars thousands –––––––(3,916)–(3,916) PDF p. 63
income
Exchange differences on translating foreign operationsSingapore dollars thousands –––3,248–––––3,248 PDF p. 63 Label p. 63
Group
Fair value loss on financial assets at FVTOCISingapore dollars thousands –––––(90)–––(90) PDF p. 63 Label p. 63
SubtotalSingapore dollars thousands –––3,248–(90)–––3,158 PDF p. 63
Total comprehensive loss
Total comprehensive loss for the financial yearSingapore dollars thousands –––3,248–(90)–(3,916)–(758) PDF p. 63 Label p. 63
Balance at 30 September 2024Singapore dollars thousands 25,048(3,303)2,0413,451(4,794)28,1021,125(1,169)–50,501 PDF p. 63 Label p. 63
Definitions & sources

Original report: PDF p. 63 ↗

Group changes in equity — FY2024 source / ending 2023

14 metrics

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Group changes in equity — FY2024 source / ending 2023 from ANNUAL REPORT 2025
Metric / unit 2023Group — restated comparative with original and adjustment rowsShare capital2023Group — restated comparative with original and adjustment rowsTreasury shares2023Group — restated comparative with original and adjustment rowsShare option reserve2023Group — restated comparative with original and adjustment rowsForeign currency translation reserve2023Group — restated comparative with original and adjustment rowsMerger reserve2023Group — restated comparative with original and adjustment rowsFair value reserve2023Group — restated comparative with original and adjustment rowsOther reserves2023Group — restated comparative with original and adjustment rowsRetained earnings2023Group — restated comparative with original and adjustment rowsEquity attributable to owners2023Group — restated comparative with original and adjustment rowsNon-controlling interests2023Group — restated comparative with original and adjustment rowsTotal equity Source
Group
Balance at 1 October 2022, as previously reportedSingapore dollars thousands 25,048(3,303)2,041(1,379)(4,794)(25,289)1,125117,578111,027(1,755)109,272 PDF p. 64 Label p. 64
Prior year restatementsSingapore dollars thousands –––––54,130–(64,931)(10,801)–(10,801) PDF p. 64
Balance at 1 October 2022, as restatedSingapore dollars thousands 25,048(3,303)2,041(1,379)(4,794)28,8411,12552,647100,226(1,755)98,471 PDF p. 64 Label p. 64
Loss for the financial year: – As previously reportedSingapore dollars thousands –––––––(49,488)(49,488)(1,316)(50,804) PDF p. 64 Label p. 64
– Prior year restatementsSingapore dollars thousands –––––––(412)(412)–(412) PDF p. 64
– As restatedSingapore dollars thousands –––––––(49,900)(49,900)(1,316)(51,216) PDF p. 64
Other comprehensive income
Exchange differences on translating foreign operationsSingapore dollars thousands –––1,582––––1,582–1,582 PDF p. 64 Label p. 64
Group
Share of other comprehensive loss of an associateSingapore dollars thousands –––––(709)––(709)–(709) PDF p. 64 Label p. 64
Fair value gain/(loss) on financial assets at FVTOCI: – As previously reportedSingapore dollars thousands –––––1,290––1,290–1,290 PDF p. 64 Label p. 64
– Prior year restatementsSingapore dollars thousands –––––(1,230)––(1,230)–(1,230) PDF p. 64
– As restatedSingapore dollars thousands –––––60––60–60 PDF p. 64
Total comprehensive income/(loss)
Total comprehensive income/(loss) for the financial yearSingapore dollars thousands –––1,582–(649)–(49,900)(48,967)(1,316)(50,283) PDF p. 64 Label p. 64
recognised directly in equity
Liquidation of subsidiarySingapore dollars thousands –––––––––3,0713,071 PDF p. 64
Total comprehensive income/(loss)
Balance as at 30 September 2023 restatedSingapore dollars thousands 25,048(3,303)2,041203(4,794)28,1921,1252,74751,259–51,259 PDF p. 64 Label p. 64
Definitions & sources

Original report: PDF p. 64 ↗

Company changes in equity — FY2024 source / ending 2024

5 metrics

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Company changes in equity — FY2024 source / ending 2024 from ANNUAL REPORT 2025
Metric / unit 2024CompanyShare capital2024CompanyTreasury shares2024CompanyShare option reserve2024CompanyFair value reserve2024CompanyRetained earnings2024CompanyTotal equity Source
Company
Balance at 1 October 2023Singapore dollars thousands 25,048(3,303)2,041(4,350)10,61830,054 PDF p. 65
Profit for the financial yearSingapore dollars thousands ––––18,03618,036 PDF p. 65
income
Fair value loss on financial assets at FVTOCISingapore dollars thousands –––(90)–(90) PDF p. 65 Label p. 65
Total comprehensive income for the financial
Total comprehensive income for the financial yearSingapore dollars thousands –––(90)18,03617,946 PDF p. 65 Label p. 65
Balance at 30 September 2024Singapore dollars thousands 25,048(3,303)2,041(4,440)28,65448,000 PDF p. 65 Label p. 65
Definitions & sources

Original report: PDF p. 65 ↗

Company changes in equity — FY2024 source / ending 2023

5 metrics

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Company changes in equity — FY2024 source / ending 2023 from ANNUAL REPORT 2025
Metric / unit 2023CompanyShare capital2023CompanyTreasury shares2023CompanyShare option reserve2023CompanyFair value reserve2023CompanyRetained earnings2023CompanyTotal equity Source
Company
Balance at 1 October 2022Singapore dollars thousands 25,048(3,303)2,041(4,410)(10,341)9,035 PDF p. 65
Profit for the financial yearSingapore dollars thousands ––––20,95920,959 PDF p. 65
income
Fair value gain on financial assets at FVTOCISingapore dollars thousands –––60–60 PDF p. 65 Label p. 65
Total comprehensive income for the financial
Total comprehensive income for the financial yearSingapore dollars thousands –––6020,95921,019 PDF p. 65 Label p. 65
Balance at 30 September 2023Singapore dollars thousands 25,048(3,303)2,041(4,350)10,61830,054 PDF p. 65 Label p. 65
Definitions & sources

Original report: PDF p. 65 ↗

Group cash flows — FY2024 source / page 66

32 metrics

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Group cash flows — FY2024 source / page 66 from ANNUAL REPORT 2025
Metric / unit 2024Group2023Group — restated comparative Source
Operating activities
Loss before income taxSingapore dollars thousands (3,916)(50,648) PDF p. 66
Adjustments for:
(Reversal)/Provision of loss allowance – Trade and other receivablesSingapore dollars thousands (438)662 PDF p. 66 Label p. 66
– Contract assetsSingapore dollars thousands (283)(714) PDF p. 66
– Long-term interestsSingapore dollars thousands 4,000– PDF p. 66
– Financial guarantee contractsSingapore dollars thousands 187(205) PDF p. 66
Impairment (reversed)/loss on investment of an associateSingapore dollars thousands (27,285)8,532 PDF p. 66
Loss on liquidation of a subsidiarySingapore dollars thousands –1,746 PDF p. 66
Amortisation of intangible assetsSingapore dollars thousands 99160 PDF p. 66
Depreciation of investment propertiesSingapore dollars thousands –166 PDF p. 66
Depreciation of property, plant and equipmentSingapore dollars thousands 2,3822,384 PDF p. 66
Depreciation of right-of-use assetsSingapore dollars thousands 2,4152,513 PDF p. 66
Gain on disposal of investment propertiesSingapore dollars thousands –(7,755) PDF p. 66
Gain on disposal of plant and equipmentSingapore dollars thousands –(108) PDF p. 66
Reversal of loss allowance for inventory obsolescenceSingapore dollars thousands –(12) PDF p. 66
Interest incomeSingapore dollars thousands (6,344)(6,749) PDF p. 66
Interest expenseSingapore dollars thousands 2,1384,093 PDF p. 66
(Decrease)/Increase in: – Provision for onerous contractSingapore dollars thousands (3,861)(4,256) PDF p. 66 Label p. 66
– Provision for warrantySingapore dollars thousands –(619) PDF p. 66
– Provision for reinstatement costSingapore dollars thousands –1,900 PDF p. 66
Loss on unrealised foreign exchange, netSingapore dollars thousands 6,0474,626 PDF p. 66
Share of results of joint venturesSingapore dollars thousands (44)(300) PDF p. 66
Share of results of associatesSingapore dollars thousands 10,6428,362 PDF p. 66
Operating cash flows before movements in working capitalSingapore dollars thousands (14,261)(36,222) PDF p. 66
Changes in working capital:
InventoriesSingapore dollars thousands –577 PDF p. 66
Trade and other receivablesSingapore dollars thousands (3,474)8,696 PDF p. 66
PrepaymentsSingapore dollars thousands 17859 PDF p. 66
Contract assetsSingapore dollars thousands (6,124)17,718 PDF p. 66
Contract liabilitiesSingapore dollars thousands 13,0892,158 PDF p. 66
Trade and other payablesSingapore dollars thousands 18,259(5,080) PDF p. 66
Cash generated from/(used in) operationsSingapore dollars thousands 7,506(11,294) PDF p. 66
Income taxes refund/(paid)Singapore dollars thousands 1,293(2,308) PDF p. 66
Net cash generated from/(used in) operating activitiesSingapore dollars thousands 8,799(13,602) PDF p. 66
Definitions & sources

Original report: PDF p. 66 ↗

Group cash flows — FY2024 source / page 67

23 metrics

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Group cash flows — FY2024 source / page 67 from ANNUAL REPORT 2025
Metric / unit 2024Group2023Group — restated comparative Source
Investing activities
Advance to a joint ventureSingapore dollars thousands (50)– PDF p. 67
Advance to an associateSingapore dollars thousands (2,868)– PDF p. 67
Purchase of property, plant and equipmentSingapore dollars thousands (420)(173) PDF p. 67
Purchase of intangible assetsSingapore dollars thousands –(137) PDF p. 67
Proceeds from disposal of investment propertiesSingapore dollars thousands –24,563 PDF p. 67
Proceeds from disposal of property, plant and equipmentSingapore dollars thousands –108 PDF p. 67
Repayment of loan from associateSingapore dollars thousands 7191,125 PDF p. 67
Repayment of loan from joint venturesSingapore dollars thousands 14,66920,842 PDF p. 67
Interest receivedSingapore dollars thousands 419665 PDF p. 67
Dividend from associateSingapore dollars thousands –300 PDF p. 67
Dividend from joint ventureSingapore dollars thousands 1,732800 PDF p. 67
Net cash generated from investing activitiesSingapore dollars thousands 14,20148,093 PDF p. 67
Financing activities
Fixed deposit (pledged)/unpledged with financial institutionsSingapore dollars thousands (1,000)537 PDF p. 67
Proceeds from bank borrowingsSingapore dollars thousands 6,00022,628 PDF p. 67
Repayment of lease liabilitiesSingapore dollars thousands (2,363)(2,374) PDF p. 67
Repayment of bank borrowingsSingapore dollars thousands (17,852)(24,605) PDF p. 67
Repayment of medium term notesSingapore dollars thousands –(35,250) PDF p. 67
Interest paidSingapore dollars thousands (1,819)(4,319) PDF p. 67
Net cash used in financing activitiesSingapore dollars thousands (17,034)(43,383) PDF p. 67
Net increase/(decrease) in cash and cash equivalentsSingapore dollars thousands 5,966(8,892) PDF p. 67
Cash and cash equivalents at beginning of financial yearSingapore dollars thousands 14,64323,712 PDF p. 67
Effect of exchange rate changes on cash and cash equivalentsSingapore dollars thousands 166(177) PDF p. 67
Cash and cash equivalents at end of financial yearSingapore dollars thousands 20,77514,643 PDF p. 67
Definitions & sources

Original report: PDF p. 67 ↗

Group income and comprehensive income — FY2022 source

29 metrics

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Group income and comprehensive income — FY2022 source from ANNUAL REPORT 2025
Metric / unit 2022Group2021Group Source
Group income and comprehensive income — FY2022 source
RevenueSingapore dollars thousands 148,06776,952 PDF p. 60
Cost of salesSingapore dollars thousands (178,859)(69,464) PDF p. 60
Gross (loss)/profitSingapore dollars thousands (30,792)7,488 PDF p. 60
Other item of income Other incomeSingapore dollars thousands 9,3527,398 PDF p. 60 Label p. 60
Other items of expense Administrative expensesSingapore dollars thousands (16,428)(19,476) PDF p. 60 Label p. 60
Reversal/(Loss) allowance on financial assets – Trade and other receivablesSingapore dollars thousands (3,474)(210) PDF p. 60 Label p. 60
– Contract assetsSingapore dollars thousands (2,587)(703) PDF p. 60
– Long-term interestsSingapore dollars thousands –2,990 PDF p. 60
– Financial guarantee contractsSingapore dollars thousands 7041,306 PDF p. 60
Finance costsSingapore dollars thousands (4,262)(7,026) PDF p. 60
Other expensesSingapore dollars thousands (2,486)(686) PDF p. 60
Share of results of joint ventures, net of taxSingapore dollars thousands 9,568(2,835) PDF p. 60
Share of results of associates, net of taxSingapore dollars thousands (5,529)(5,853) PDF p. 60
Loss before income taxSingapore dollars thousands (45,934)(17,607) PDF p. 60
Income tax expenseSingapore dollars thousands (657)(2,573) PDF p. 60
LOSS FOR THE FINANCIAL YEARSingapore dollars thousands (46,591)(20,180) PDF p. 60
Items that may be reclassified subsequently to profit or loss
Exchange difference on translating foreign operationsSingapore dollars thousands (2,054)(162) PDF p. 60
Other comprehensive loss for the financial year that may be reclassified to profit or loss, net of taxSingapore dollars thousands (2,054)(162) PDF p. 60 Label p. 60
Items that may not be reclassified subsequently to profit or loss
Fair value loss on financial assets at FVOCISingapore dollars thousands 317(11,149) PDF p. 60
Total other comprehensive loss for the financial year, net of taxSingapore dollars thousands (1,737)(11,311) PDF p. 60
TOTAL COMPREHENSIVE LOSS FOR THE FINANCIAL YEARSingapore dollars thousands (48,328)(31,491) PDF p. 60
Loss for the financial year attributable to: Owners of the CompanySingapore dollars thousands (45,901)(17,500) PDF p. 60 Label p. 60
Non-controlling interestsSingapore dollars thousands (690)(2,680) PDF p. 60
Loss for the financial yearSingapore dollars thousands (46,591)(20,180) PDF p. 60
Total comprehensive loss for the financial year attributable to:
Owners of the CompanySingapore dollars thousands (47,638)(28,811) PDF p. 60
Non-controlling interestsSingapore dollars thousands (690)(2,680) PDF p. 60
Total comprehensive loss for the financial yearSingapore dollars thousands (48,328)(31,491) PDF p. 60
Loss per share attributable to owners of the Company (cents per share)
BasicSingapore cents per share (19.53)(7.45) PDF p. 60
DilutedSingapore cents per share (19.53)(7.45) PDF p. 60
Definitions & sources

Original report: PDF p. 60 ↗

Group and Company balance sheet — FY2022 source / assets and equity

22 metrics

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Group and Company balance sheet — FY2022 source / assets and equity from ANNUAL REPORT 2025
Metric / unit 2022Group2021Group2022Company2021Company Source
Non-current assets
Property, plant and equipmentSingapore dollars thousands 15,11320,908–– PDF p. 61
Right-of-use assetsSingapore dollars thousands 6,7596,353–74 PDF p. 61
Investment propertiesSingapore dollars thousands 16,91021,382–– PDF p. 61
Investments in subsidiariesSingapore dollars thousands ––23,80329,181 PDF p. 61
Investments in associateSingapore dollars thousands 27,61831,0557,1237,123 PDF p. 61
Investments in joint venturesSingapore dollars thousands 6,71732,275–– PDF p. 61
Intangible assetsSingapore dollars thousands 1659–– PDF p. 61
Financial assets at FVOCISingapore dollars thousands 31,14230,8722,4152,145 PDF p. 61
Financial assets at FVTPLSingapore dollars thousands 19,80619,806–– PDF p. 61
Non-trade receivablesSingapore dollars thousands –36,815–– PDF p. 61
Deferred tax assetsSingapore dollars thousands 7067–– PDF p. 61
Total non-current assetsSingapore dollars thousands 124,300199,54233,34138,523 PDF p. 61
Current assets
InventoriesSingapore dollars thousands 671836–– PDF p. 61
Trade and other receivablesSingapore dollars thousands 93,21442,75619,45122,160 PDF p. 61
Contract assetsSingapore dollars thousands 38,51435,443–– PDF p. 61
PrepaymentsSingapore dollars thousands 1,2629921313 PDF p. 61
Fixed depositsSingapore dollars thousands 4,8202,1723,215623 PDF p. 61
Cash and cash equivalentsSingapore dollars thousands 18,98720,8742,5982,252 PDF p. 61
SubtotalSingapore dollars thousands 157,468103,07325,27725,048 PDF p. 61
Non-current assets classified as held for saleSingapore dollars thousands –1,880–– PDF p. 61
Total current assetsSingapore dollars thousands 157,468104,95325,27725,048 PDF p. 61
Total assetsSingapore dollars thousands 281,768304,49558,61863,571 PDF p. 61
Definitions & sources

Original report: PDF p. 61 ↗

Group and Company balance sheet — FY2022 source / liabilities

27 metrics

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Group and Company balance sheet — FY2022 source / liabilities from ANNUAL REPORT 2025
Metric / unit 2022Group2021Group2022Company2021Company Source
Equity
Share capitalSingapore dollars thousands 25,04825,04825,04825,048 PDF p. 62
Treasury sharesSingapore dollars thousands (3,303)(3,303)(3,303)(3,303) PDF p. 62
Share option reserveSingapore dollars thousands 2,0412,0412,0412,041 PDF p. 62
Foreign currency translation reserveSingapore dollars thousands (1,379)675–– PDF p. 62
Merger reserveSingapore dollars thousands (4,794)(4,794)–– PDF p. 62
Fair value reserveSingapore dollars thousands (25,289)(25,559)(4,410)(4,680) PDF p. 62
Other reservesSingapore dollars thousands 1,1251,125–– PDF p. 62
Retained earningsSingapore dollars thousands 117,578163,432(10,341)(5,872) PDF p. 62
Equity attributable to owners of the CompanySingapore dollars thousands 111,027158,6659,03513,234 PDF p. 62
Non-controlling interestsSingapore dollars thousands (1,755)(1,065)–– PDF p. 62
Total equitySingapore dollars thousands 109,272157,6009,03513,234 PDF p. 62
Non-current liabilities
Trade and other payablesSingapore dollars thousands 12,750–12,750– PDF p. 62
Bank borrowingsSingapore dollars thousands 7,6279,801–– PDF p. 62
Lease liabilitiesSingapore dollars thousands 4,9425,423–58 PDF p. 62
ProvisionsSingapore dollars thousands 512512–– PDF p. 62
Deferred tax liabilitiesSingapore dollars thousands 11–– PDF p. 62
Total non-current liabilitiesSingapore dollars thousands 25,83215,73712,75058 PDF p. 62
Current liabilities
Contract liabilitiesSingapore dollars thousands 70129–– PDF p. 62
Trade and other payablesSingapore dollars thousands 65,79228,3271,6052,303 PDF p. 62
Bank borrowingsSingapore dollars thousands 21,05434,948–– PDF p. 62
Lease liabilitiesSingapore dollars thousands 1,965892–21 PDF p. 62
Medium term notesSingapore dollars thousands 35,22847,95535,22847,955 PDF p. 62
ProvisionsSingapore dollars thousands 20,23914,119–– PDF p. 62
Current income tax payableSingapore dollars thousands 2,3164,788–– PDF p. 62
Total current liabilitiesSingapore dollars thousands 146,664131,15836,83350,279 PDF p. 62
Total liabilitiesSingapore dollars thousands 172,496146,89549,58350,337 PDF p. 62
Total equity and liabilitiesSingapore dollars thousands 281,768304,49558,61863,571 PDF p. 62
Definitions & sources

Original report: PDF p. 62 ↗

Group changes in equity — FY2022 source / ending 2022

9 metrics

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Group changes in equity — FY2022 source / ending 2022 from ANNUAL REPORT 2025
Metric / unit 2022GroupShare capital2022GroupTreasury shares2022GroupShare option reserve2022GroupForeign currency translation reserve2022GroupMerger reserve2022GroupFair value reserve2022GroupOther reserves2022GroupRetained earnings2022GroupEquity attributable to owners2022GroupNon-controlling interests2022GroupTotal equity Source
Group
Balance at 1 October 2021Singapore dollars thousands 25,048(3,303)2,041675(4,794)(25,559)1,125163,432158,665(1,065)157,600 PDF p. 63 Label p. 63
Loss for the financial yearSingapore dollars thousands –––––––(45,901)(45,901)(690)(46,591) PDF p. 63 Label p. 63
income/(loss)
Exchange differences on translating foreign operationsSingapore dollars thousands –––(2,054)––––(2,054)–(2,054) PDF p. 63 Label p. 63
Group
Fair value loss on financial assets at FVOCISingapore dollars thousands –––––317––317–317 PDF p. 63 Label p. 63
Reclassification upon divestment of financial assets at FVOCISingapore dollars thousands –––––(47)–47––– PDF p. 63 Label p. 63
Total comprehensive
Total comprehensive income/(loss) for the financial yearSingapore dollars thousands –––(2,054)–270–(45,854)(47,638)(690)(48,328) PDF p. 63 Label p. 63
to employees
Amortisation of fair value for share option granted to employeesSingapore dollars thousands ––––––––––– PDF p. 63 Label p. 63
directly in equity
SubtotalSingapore dollars thousands ––––––––––– PDF p. 63
Balance at 30 September 2022Singapore dollars thousands 25,048(3,303)2,041(1,379)(4,794)(25,289)1,125117,578111,027(1,755)109,272 PDF p. 63 Label p. 63
Definitions & sources

Original report: PDF p. 63 ↗

Group changes in equity — FY2022 source / ending 2021

9 metrics

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Group changes in equity — FY2022 source / ending 2021 from ANNUAL REPORT 2025
Metric / unit 2021GroupShare capital2021GroupTreasury shares2021GroupShare option reserve2021GroupForeign currency translation reserve2021GroupMerger reserve2021GroupFair value reserve2021GroupOther reserves2021GroupRetained earnings2021GroupEquity attributable to owners2021GroupNon-controlling interests2021GroupTotal equity Source
Group
Balance at 1 October 2020Singapore dollars thousands 25,048(3,303)2,030837(4,794)(14,465)1,125180,987187,4651,615189,080 PDF p. 64 Label p. 64
Loss for the financial yearSingapore dollars thousands –––––––(17,500)(17,500)(2,680)(20,180) PDF p. 64 Label p. 64
income/(loss)
Exchange differences on translating foreign operationsSingapore dollars thousands –––(162)––––(162)–(162) PDF p. 64 Label p. 64
Group
Fair value loss on financial assets at FVOCISingapore dollars thousands –––––(11,149)––(11,149)–(11,149) PDF p. 64 Label p. 64
Reclassification upon divestment of financial assets at FVOCISingapore dollars thousands –––––55–(55)––– PDF p. 64 Label p. 64
Total comprehensive
Total comprehensive income/(loss) for the financial yearSingapore dollars thousands –––(162)–(11,094)–(17,555)(28,811)(2,680)(31,491) PDF p. 64 Label p. 64
to employees
Amortisation of fair value for share option granted to employeesSingapore dollars thousands ––11–––––11–11 PDF p. 64 Label p. 64
directly in equity
SubtotalSingapore dollars thousands ––11–––––11–11 PDF p. 64
Balance at 30 September 2021Singapore dollars thousands 25,048(3,303)2,041675(4,794)(25,559)1,125163,432158,665(1,065)157,600 PDF p. 64 Label p. 64
Definitions & sources

Original report: PDF p. 64 ↗

Company changes in equity — FY2022 source / ending 2022

7 metrics

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Company changes in equity — FY2022 source / ending 2022 from ANNUAL REPORT 2025
Metric / unit 2022CompanyShare capital2022CompanyTreasury shares2022CompanyShare option reserve2022CompanyFair value reserve2022CompanyRetained earnings2022CompanyTotal equity Source
Company
Balance at 1 October 2021Singapore dollars thousands 25,048(3,303)2,041(4,680)(5,872)13,234 PDF p. 65
Loss for the financial yearSingapore dollars thousands ––––(4,469)(4,469) PDF p. 65
Other comprehensive income
for the financial year Fair value loss on financial assets at FVOCISingapore dollars thousands –––270–270 PDF p. 65 Label p. 65
Total comprehensive loss for
Total comprehensive loss for the financial yearSingapore dollars thousands –––270(4,469)(4,199) PDF p. 65 Label p. 65
the company:
Amortisation of fair value for share options granted to employeesSingapore dollars thousands –––––– PDF p. 65 Label p. 65
Total comprehensive loss for
Total transactions with owners of the companySingapore dollars thousands –––––– PDF p. 65 Label p. 65
Balance at 30 September 2022Singapore dollars thousands 25,048(3,303)2,041(4,410)(10,341)9,035 PDF p. 65 Label p. 65
Definitions & sources

Original report: PDF p. 65 ↗

Company changes in equity — FY2022 source / ending 2021

7 metrics

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Company changes in equity — FY2022 source / ending 2021 from ANNUAL REPORT 2025
Metric / unit 2021CompanyShare capital2021CompanyTreasury shares2021CompanyShare option reserve2021CompanyFair value reserve2021CompanyRetained earnings2021CompanyTotal equity Source
Company
Balance at 1 October 2020Singapore dollars thousands 25,048(3,303)2,030(3,930)2,85122,696 PDF p. 66
Loss for the financial yearSingapore dollars thousands ––––(8,723)(8,723) PDF p. 66
Other comprehensive income
for the financial year Fair value loss on financial assets at FVOCISingapore dollars thousands –––(750)–(750) PDF p. 66 Label p. 66
Total comprehensive loss for
Total comprehensive loss for the financial yearSingapore dollars thousands –––(750)(8,723)(9,473) PDF p. 66 Label p. 66
the company:
Amortisation of fair value for share options granted to employeesSingapore dollars thousands ––11––11 PDF p. 66 Label p. 66
Total comprehensive loss for
Total transactions with owners of the companySingapore dollars thousands ––11––11 PDF p. 66 Label p. 66
Balance at 30 September 2021Singapore dollars thousands 25,048(3,303)2,041(4,680)(5,872)13,234 PDF p. 66 Label p. 66
Definitions & sources

Original report: PDF p. 66 ↗

Group cash flows — FY2022 source / page 67

13 metrics

Units appear below each metric. Scroll to compare years

Group cash flows — FY2022 source / page 67 from ANNUAL REPORT 2025
Metric / unit 2022Group2021Group Source
Operating activities
Loss before income taxSingapore dollars thousands (45,934)(17,607) PDF p. 67
Adjustments for:
Loss allowance/(reversal of loss allowance) on financial assets – Trade and other receivablesSingapore dollars thousands 2,705210 PDF p. 67 Label p. 67
– Contract assetsSingapore dollars thousands 2,587703 PDF p. 67
– Long term interestsSingapore dollars thousands –(2,990) PDF p. 67
– Financial guarantee contractsSingapore dollars thousands (704)(1,306) PDF p. 67
Impairment loss on investment in a joint ventureSingapore dollars thousands –686 PDF p. 67
Impairment loss on non-current assets held for saleSingapore dollars thousands –329 PDF p. 67
Impairment loss on property, plant and equipmentSingapore dollars thousands 2,486– PDF p. 67
Fair value changes on financial assets at FVTPLSingapore dollars thousands –3,586 PDF p. 67
Amortisation of intangible assetsSingapore dollars thousands 11111 PDF p. 67
Depreciation of investment propertiesSingapore dollars thousands 555627 PDF p. 67
Depreciation of property, plant and equipmentSingapore dollars thousands 3,2913,501 PDF p. 67
Depreciation of right-of-use assetsSingapore dollars thousands 1,5471,209 PDF p. 67
Definitions & sources

Original report: PDF p. 67 ↗

FY2021 comparative adjustment subtotal gap21thousand: reported adjustment rows sum7736 vs printed subtotal7715. OriginalFY2021 report physical34 separately discloses PPE disposal gain(21); laterFY2022 comparative is blank. Both source versions retained, not a fabricated zero or silent repair.

Group cash flows — FY2022 source / page 67 / current-year-only disclosed amounts

3 metrics

Units appear below each metric. Scroll to compare years

Group cash flows — FY2022 source / page 67 / current-year-only disclosed amounts from ANNUAL REPORT 2025
Metric / unit 2022Group Source
Adjustments for: / FY2022 only: comparative cell unprinted
Gain on disposal of plant and equipmentSingapore dollars thousands (4) PDF p. 67
Gain on disposal of right-of-use assetSingapore dollars thousands (61) PDF p. 67
Gain on disposal of non-current asset held for salesSingapore dollars thousands (20) PDF p. 67
Definitions & sources

Original report: PDF p. 67 ↗

FY2021 comparative cells for three disposal gains are blank in the original; omitted without inventing zero.

FY2021 comparative adjustment subtotal gap21thousand: reported adjustment rows sum7736 vs printed subtotal7715. OriginalFY2021 report physical34 separately discloses PPE disposal gain(21); laterFY2022 comparative is blank. Both source versions retained, not a fabricated zero or silent repair.

Group cash flows — FY2022 source / page 67

20 metrics

Units appear below each metric. Scroll to compare years

Group cash flows — FY2022 source / page 67 from ANNUAL REPORT 2025
Metric / unit 2022Group2021Group Source
Adjustments for:
Loss on disposal of intangible assetsSingapore dollars thousands –191 PDF p. 67
Allowance for inventory obsolescenceSingapore dollars thousands 76321 PDF p. 67
Interest incomeSingapore dollars thousands (4,196)(4,088) PDF p. 67
Interest expenseSingapore dollars thousands 4,2627,026 PDF p. 67
Increase/(decrease) in provisions: – Provision for onerous contractSingapore dollars thousands 3,6684,809 PDF p. 67 Label p. 67
– Provision for warrantySingapore dollars thousands –500 PDF p. 67
Amortisation of fair value for share options granted to employeesSingapore dollars thousands –11 PDF p. 67
(Gain)/Loss on unrealised foreign exchangeSingapore dollars thousands (1,944)1,319 PDF p. 67
Share of results of joint venturesSingapore dollars thousands (9,585)2,835 PDF p. 67
Share of results of associatesSingapore dollars thousands 5,5295,853 PDF p. 67
Operating cash flows before movements in working capitalSingapore dollars thousands (35,631)7,715 PDF p. 67
Changes in working capital:
InventoriesSingapore dollars thousands 8985 PDF p. 67
Trade and other receivablesSingapore dollars thousands (15,268)3,898 PDF p. 67
PrepaymentsSingapore dollars thousands (270)(273) PDF p. 67
Contract assetsSingapore dollars thousands (5,658)(18,476) PDF p. 67
Contract liabilitiesSingapore dollars thousands (59)(249) PDF p. 67
Trade and other payablesSingapore dollars thousands 38,168(14,424) PDF p. 67
Cash used in operationsSingapore dollars thousands (18,629)(21,724) PDF p. 67
Income taxes paidSingapore dollars thousands (3,132)(6,066) PDF p. 67
Net cash used in operating activitiesSingapore dollars thousands (21,761)(27,790) PDF p. 67
Definitions & sources

Original report: PDF p. 67 ↗

FY2021 comparative adjustment subtotal gap21thousand: reported adjustment rows sum7736 vs printed subtotal7715. OriginalFY2021 report physical34 separately discloses PPE disposal gain(21); laterFY2022 comparative is blank. Both source versions retained, not a fabricated zero or silent repair.

Group cash flows — FY2022 source / page 68

29 metrics

Units appear below each metric. Scroll to compare years

Group cash flows — FY2022 source / page 68 from ANNUAL REPORT 2025
Metric / unit 2022Group2021Group Source
Investing activities
Cash advances to associateSingapore dollars thousands –(470) PDF p. 68
Loan to associatesSingapore dollars thousands –(1,626) PDF p. 68
Loan to joint venturesSingapore dollars thousands –(2,895) PDF p. 68
Purchase of property, plant and equipmentSingapore dollars thousands (125)(1,152) PDF p. 68
Purchase of intangible assetsSingapore dollars thousands (267)– PDF p. 68
Additions to investment propertiesSingapore dollars thousands –(31) PDF p. 68
Purchase of right-of-use assetsSingapore dollars thousands (303)(45) PDF p. 68
Proceeds from disposal of property, plant and equipmentSingapore dollars thousands 14839 PDF p. 68
Proceeds from disposal of right-of-use assetSingapore dollars thousands 131– PDF p. 68
Proceeds from disposal of non-current asset held for salesSingapore dollars thousands 1,900– PDF p. 68
Repayment of loan from associateSingapore dollars thousands 615737 PDF p. 68
Repayment of loan from joint venturesSingapore dollars thousands 2,13561,053 PDF p. 68
Repayment of loan from third partiesSingapore dollars thousands 15261 PDF p. 68
Interest receivedSingapore dollars thousands 1636,099 PDF p. 68
Dividend from joint ventureSingapore dollars thousands 37,600– PDF p. 68
Redemption of capital upon divestment of financial assets at FVOCISingapore dollars thousands 47150 PDF p. 68
Net cash generated from investing activitiesSingapore dollars thousands 42,05962,120 PDF p. 68
Financing activities
Fixed deposit pledged with financial institutionsSingapore dollars thousands (2)(3) PDF p. 68
Loan from shareholdersSingapore dollars thousands 12,750– PDF p. 68
Proceeds from bank borrowingsSingapore dollars thousands 24,32820,190 PDF p. 68
Repayment of lease liabilitiesSingapore dollars thousands (1,153)(991) PDF p. 68
Repayment of bank borrowingsSingapore dollars thousands (38,884)(13,385) PDF p. 68
Repayment of medium term notesSingapore dollars thousands (12,750)(51,250) PDF p. 68
Interest paidSingapore dollars thousands (4,429)(6,921) PDF p. 68
Net cash used in financing activitiesSingapore dollars thousands (20,140)(52,360) PDF p. 68
Net increase/(decrease) in cash and cash equivalentsSingapore dollars thousands 158(18,030) PDF p. 68
Cash and cash equivalents at beginning of financial yearSingapore dollars thousands 21,81340,000 PDF p. 68
Effect of exchange rate changes on cash and cash equivalentsSingapore dollars thousands 631(157) PDF p. 68
Cash and cash equivalents at end of financial yearSingapore dollars thousands 22,60221,813 PDF p. 68
Definitions & sources

Original report: PDF p. 68 ↗

FY2021 original gain adjustment — omitted comparative cell inFY2022 report

1 metrics

Units appear below each metric. Scroll to compare years

FY2021 original gain adjustment — omitted comparative cell inFY2022 report from ANNUAL REPORT 2025
Metric / unit 2021Group — original FY2021 report Source
FY2021 original cash-flow adjustment; comparative unprinted inFY2022 report
Gain on disposal of plant and equipmentSingapore dollars thousands (21) PDF p. 34
Definitions & sources

Original report: PDF p. 34 ↗

The FY2022 report leaves this FY2021 comparative cell blank. Its printed adjustments sum to7736 against printed operating cash subtotal7715; the earlier FY2021 original supplies the negative21 adjustment. Both sources are preserved separately; no later blank is changed to zero or backfilled without a separate source.

Where the money comes from

Segment information

By business

Segment information by business segment, Group, FY2025 15 lines
Segment information by business segment, Group, FY2025 — Group
Item / unit 2025Buildings and construction2025Property development2025Investment property2025Investment holding2025Elimination2025Total Source
Revenue
External revenue$'000 182,368––––182,368 PDF p. 119
Inter-segment sales$'000 –131––(131)– PDF p. 119
Profit from operations
Share of results from joint ventures, net of tax$'000 –85–––85 PDF p. 119
Share of results from associates, net of tax$'000 –(9,897)–––(9,897) PDF p. 119
Interest income$'000 6,194––20–6,214 PDF p. 119
Interest expenses$'000 (762)––(828)–(1,590) PDF p. 119
Reversal of loss allowance for long term interests$'000 –3,600–––3,600 PDF p. 119
Depreciation and amortisation$'000 (2,722)––––(2,722) PDF p. 119
Reportable segment profit/(loss) before income tax$'000 17,162(5,834)(32)(1,142)–10,154 PDF p. 119
Net profit/(loss) for the financial year after tax$'000 17,162(5,834)(32)(1,142)–10,154 PDF p. 119
Other information
Additions to non-current assets$'000 276––––276 PDF p. 119
Investments in joint ventures$'000 –4,507–––4,507 PDF p. 119
Investments in associates$'000 –20,899–––20,899 PDF p. 119
Segment assets$'000 105,95669,069–2,723–177,748 PDF p. 119
Segment liabilities$'000 101,6422,105–13,773–117,520 PDF p. 119
Notes

Note 33, year ended 30 September 2025. Segment performance evaluated based on profit from operations. Property development returns are included in share of results from associates or joint ventures.

Segment information by business segment, Group, FY2024 17 lines
Segment information by business segment, Group, FY2024 — Group
Item / unit 2024Buildings and construction2024Property development2024Investment property2024Investment holding2024Elimination2024Total Source
Revenue
External revenue$'000 172,597––––172,597 PDF p. 120
Inter-segment sales$'000 –206––(206)– PDF p. 120
Loss from operations
Share of results from joint ventures, net of tax$'000 –44–––44 PDF p. 120
Share of results from associates, net of tax$'000 –(10,642)–––(10,642) PDF p. 120
Interest income$'000 6,313––31–6,344 PDF p. 120
Interest expenses$'000 (1,309)––(829)–(2,138) PDF p. 120
Provision for loss allowance for long term interests$'000 –(4,000)–––(4,000) PDF p. 120
Impairment reversed on investment of an associate$'000 –27,285–––27,285 PDF p. 120
Depreciation and amortisation$'000 (4,896)––––(4,896) PDF p. 120
Reportable segment (loss)/profit before income tax$'000 (15,284)12,768(35)(1,365)–(3,916) PDF p. 120
Net (loss)/profit for the financial year after tax$'000 (15,284)12,768(35)(1,365)–(3,916) PDF p. 120
Other information
Additions to non-current assets$'000 420––––420 PDF p. 120
Investments in joint ventures$'000 –4,453–––4,453 PDF p. 120
Investments in associates$'000 –26,480–––26,480 PDF p. 120
Segment assets$'000 113,20537,4093859,135–160,134 PDF p. 120
Non current assets held for sale$'000 –34,117–––34,117 PDF p. 120
Segment liabilities$'000 127,2382,116914,387–143,750 PDF p. 120
Notes

Note 33 comparative, year ended 30 September 2024.

Major customers (revenue), Group 4 lines
Major customers (revenue), Group — Group
Item / unit 2025$'0002025% of revenue2024$'0002024% of revenue Source
Major customers
Customer A$'000 and % 73,8664090,56151 PDF p. 120
Customer B$'000 and % 41,8272326,63115 PDF p. 120
Customer C$'000 and % 36,6962022,00113 PDF p. 120
Total$'000 and % 152,38983139,19379 PDF p. 120
Notes

Customers A to C are in the Group's construction segment; each contributed 10 percent or more of Group revenue. Total row has no printed label.

By geography

Non-current assets by geographical area, Group 1 lines
Non-current assets by geographical area, Group
Item / unit 2025Group2024Group Source
Non-current assets
Singapore$'000 38,63846,585 PDF p. 120
Notes

Non-current assets consist of property, plant and equipment, right-of-use assets, intangible assets, investments in associates and investments in joint ventures.

Debt

Borrowings

Lease liabilities maturity analysis

Lease liabilities maturity analysis — Group
Item / unit 2025$'0002024$'000 Source
Contractual undiscounted cash flows
– Not later than one financial year$'000 584810 PDF p. 114
– After one financial year but within five financial years$'000 2,1212,714 PDF p. 114
– More than five financial years$'000 2,1192,118 PDF p. 114
Lease liabilities
Less: Future interest expense$'000 (718)(887) PDF p. 114
Present value of lease liabilities$'000 4,1064,755 PDF p. 114
Presented in statements of financial position
– Non-current$'000 447635 PDF p. 114
– Current$'000 3,6594,120 PDF p. 114
Notes

Average incremental borrowing rate 4.6% (2024: 4.6%); average discount rate implicit in finance leases 5.4% (2024: 5.4%). Interest rates fixed at contract date. Lease liabilities denominated in Singapore dollar. Lease liabilities of $173,000 (2024: $208,000) secured over motor vehicles. Non-current/Current labels appear transposed vs balance sheet (as printed).

Borrowing notes 3 tables

Bank borrowings

Bank borrowings — Group
Item / unit 2025$'0002024$'000 Source
Non-current liabilities – Secured
– Term loan I$'000 3,4704,353 PDF p. 112
Current liabilities – Secured
– Term loan I$'000 9,7299,423 PDF p. 112
– Term loan II$'000 –432 PDF p. 112
Total
Total bank borrowings$'000 13,19914,208 PDF p. 112
Notes

Subtotal of current liabilities printed as 9,729 (2025) and 9,855 (2024). Loans are all secured. Interest: Term loan I revised to 2.00% over 3-month Compounded SORA (thereafter); additional facility 2.75% plus bank cost of borrowings; revolving/Projects Trust Receipts facilities 1.5% p.a. over Bank's Cost of Funds; Term loan II 2.75%. Outstanding $6,000,000 (2024: $8,000,000) and $2,861,000 (2024: $Nil) under construction facilities. Undrawn facilities $8.4 million (2024: $13.5 million). Carrying amounts approximate fair values (floating rates).

Statement of financial position – borrowings and lease liabilities

Statement of financial position – borrowings and lease liabilities
Item / unit 2025Group, $'0002024Group, $'0002025Company, $'0002024Company, $'000 Source
Non-current liabilities
Bank borrowings$'000 3,4704,353–– PDF p. 62
Lease liabilities$'000 3,6594,120–– PDF p. 62
Current liabilities
Bank borrowings$'000 9,7299,855–– PDF p. 62
Lease liabilities$'000 447635–– PDF p. 62
Notes

Note 27 maturity table labels the non-current/current present-value lines as 447/635 and 3,659/4,120 respectively (apparently transposed in print); balance sheet shows non-current 3,659/4,120 and current 447/635.

Interest rate exposure and repricing profile of borrowings (Note 34)

Interest rate exposure and repricing profile of borrowings (Note 34)
Item / unit 2025Group weighted average effective interest rate, %2024Group weighted average effective interest rate, %2025Group, $'0002024Group, $'000 Source
Borrowings repricing
Within 6 months% / $'000 3.164.319,2928,921 PDF p. 125
After 6 months but within 12 months% / $'000 3.713.53437934 PDF p. 125
After one year but within five financial years% / $'000 3.715.603,4703,660 PDF p. 125
After five financial years% / $'000 3.715.60–693 PDF p. 125
Notes

Row 'After one year but within five financial years' wraps over two lines in print; quote is the second line carrying the values. Total row has only the $'000 columns.

Auditor’s report

Audit & risk signals

Audit opinion

ItemValuePeriod / scopeSource
Audit firm FORVIS MAZARS LLP Group PDF p. 59
Engagement partner Zhang Liang Group PDF p. 59
Qualified Opinion Qualified Opinion Group and Company PDF p. 55
Basis for Qualified Opinion we were unable to obtain sufficient appropriate audit evidence, including meeting minutes and resolutions as well as KHPL’s financial information, to determine appropriateness of the classification of KHPL as an associate Group PDF p. 55

Key audit matters

ItemValuePeriod / scopeSource
Key audit matter 1 Accounting for construction contracts Group PDF p. 56
Key audit matter 2 Impairment of investment in associate – Pristine Islands Investment Pte. Ltd. and its subsidiary (“PIIPL Group”) Group PDF p. 57

Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.

How to read these figures

Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.

Comparative figures follow ANNUAL REPORT 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.

Group income/comprehensive income and cash flows; Group/Company balance sheets and equity changes retained. Separate Company income/comprehensive/cash-flow statement not disclosed. Monetary Singapore dollars thousands; EPS Singapore cents.

Latest FY2025 auditor issued a qualified opinion over classification/carrying amount of Katong Holdings and disposal gain; original figures preserved, source verification does not remove audit qualification.

FY2024 report restates FY2023 and opening1October2022 Group figures for Katong Holdings equity-accounting classification. FY2022 original comparative remains an earlier reporting basis, not asserted to have later restatement.

FY2023 five-year chart basicEPS(22.1)cents has no source reconciliation to primary restated(21.23)cents or originally reported(21.06)cents. All original values and separate source scopes retained.

FY2025 Company equity table says fair value gain forFY2024 but shows negative90; printed caption and signed amount are retained. FY2022 source calls positive317/270 movements fair value loss; no sign or caption is silently corrected.

FY2024Note40 also reclassifies Hyundai-Keong Hong JV Limited Partnership from joint venture equity accounting to joint operation; source reporting bases differ accordingly. Separate Company comparative columns are not marked restated.

Three FY2021 cash-flow gain adjustment cells are unprinted inFY2022 original; published only forFY2022, with absent comparative documented.

FY2021 comparative adjustment subtotal gap21thousand: reported adjustment rows sum7736 vs printed subtotal7715. OriginalFY2021 report physical34 separately discloses PPE disposal gain(21); laterFY2022 comparative is blank. Both source versions retained, not a fabricated zero or silent repair.

FY2021 original cash-flow PPE disposal gain(21) retained to explain21thousand gap in laterFY2022 comparative printed adjustments. SourceFY2022 three comparative gain cells remain absent.

These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.